Bitcoin steadied in early Asia trading on June 8, rising as much as 3.8% to nearly US$64,200 after falling below US$60,000 late last week for the first time since Donald Trump won reelection in 2024.

Ether, the second-largest cryptocurrency, gained more than 3% to about US$1,680.

Traders were also watching Strategy, a US software company that became a major bitcoin holder, after executive chairman Michael Saylor posted the company’s “orange dots” chart on X, a pattern that has preceded buys, though no new purchase had been confirmed.

Last week’s selloff followed Strategy’s disclosure that it had sold 32 BTC for US$2.5 million between May 26 and May 31, its first disclosed bitcoin sale since December 2022, with proceeds earmarked for preferred stock distributions.

The decline also came as US spot bitcoin exchange-traded funds logged their 10th day of net outflows, the longest streak on record.

Separate research warned that digital-asset treasury firms have become a structural source of bitcoin demand, but that support could reverse if equity premiums fade or capital-market funding tightens.

🔗 Source: Bloomberg

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